Inventory may be down, but residents are still buying and selling Chicago homes. If you have been seeking to purchase a home and have been disheartened by a decrease in available Chicago homes, take note and smile, because statistics show that more properties are expected soon!
Recent numbers released by Realtor.com, show that March 2013 saw 2.36% more homes listed for sale when compared with the previous month, giving you more choice in the housing market and perhaps a better chance if you’re a Chicago home buyer, to find the home for which you’ve been searching.
The report also showed that home prices may be slightly higher (national averages reported by Realtor.com detailed a .05% raise over the last month), interest rates are still low, with the 30 year fixed averaging only 3.43 % (with .8 points) currently.
Chicago home sellers can embrace this news, too, knowing that their home is more likely to be showcased while housing inventory, though increasing, is still low. Fewer listed home often result in quicker sales with ready-to-buy buyers and multiple offers, and this can be seen as the days a home is on the market, appears to be reducing, as well. Steve Berkowitz, CEO of Move, Inc., explained that this news is worth noting, saying, “The newest data shows that the outlook is optimistic for the overall real estate recovery.”
Depending on which neighborhood you live in, you may be noticing experiencing dramatic changes in pricing, as well. View our updated Chicago real estate market reports or call Sergio and Banks Chicago Realty at 773.235.6100 to find out what your home statistics. You may just discover that now is the perfect time for you to buy or sell your Chicago home!